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-   -   AML/Compliance/KYC professionals come in! (https://forums.salary.sg/income-jobs/3243-aml-compliance-kyc-professionals-come.html)

Unregistered 22-08-2016 03:29 PM

Quote:

Originally Posted by Unregistered (Post 89738)
Oh no I thought AML is safe... Sigh headache

There is a lot of imprecise information floating around.

Yes, KYC/Due Diligence is not the iron ricebowl that many think it is. A large proportion of the work can be outsourced to lower cost countries (Philippines, India in particular), and only some material work has to remain in Singapore due to MAS regulations.

However, Compliance on the other hand can never be outsourced. MAS will never allow a regulated institution to port their Compliance function overseas. As far as I know, most AML teams reside within Compliance, unless it's the exceptional few teams which label themselves AML but is in fact doing KYC or other more operational work.

As long as you are within Compliance, your job is safe.

Unregistered 22-08-2016 05:47 PM

Quote:

Originally Posted by Unregistered (Post 89740)
There is a lot of imprecise information floating around.

Yes, KYC/Due Diligence is not the iron ricebowl that many think it is. A large proportion of the work can be outsourced to lower cost countries (Philippines, India in particular), and only some material work has to remain in Singapore due to MAS regulations.

However, Compliance on the other hand can never be outsourced. MAS will never allow a regulated institution to port their Compliance function overseas. As far as I know, most AML teams reside within Compliance, unless it's the exceptional few teams which label themselves AML but is in fact doing KYC or other more operational work.

As long as you are within Compliance, your job is safe.

Ello, which are safe?

- advisory sure safe
- Kyc unsafe
- trans monitoring?
- regulatory?
- FCC safe oso?

Thx bro

Unregistered 23-08-2016 08:34 AM

Quote:

Originally Posted by Unregistered (Post 89729)
If I had to venture an educated guess, you are probably in B**U, am I right?

This bank is well known for lowballing employees. It is high time that you look out for other opportunities.

Sorry, I will neither confirm or deny this.
3x Jippun Banks Only.
Imho all Jippun Bank low ball their employees.
Jippun Companies are well known for long working hours, being sibei niao and promoting only their own people.

Unregistered 23-08-2016 08:49 AM

Quote:

Originally Posted by Unregistered (Post 89735)
AML is regarded as a cost function that banks are looking to isolate and monitor (a.k.a reduce head count locally, outsource to cheaper countries)

You'll be taking a big risk giving up your 3k perm job for a 2.5k contract AML job, which in another 2.5 to 3 years there is a high chance you'll still be a contract staff earnig 3k to 3.3k?

This means that for your 5.5 to 6 years of experience you will be earning 3k+ only. This is an overrated industry that many naive fresh grads think is attractive. May seriously want to reconsider this industry altogether.

If AML get outsource,
ACAMS and ICA can go jiak sai liao.

Unregistered 23-08-2016 10:09 AM

Quote:

Originally Posted by Unregistered (Post 89749)
Ello, which are safe?

- advisory sure safe
- Kyc unsafe
- trans monitoring?
- regulatory?
- FCC safe oso?

Thx bro

All the typical teams under the FCC umbrella are safe, as far as outsourcing is concerned.
Go read the pages before this for my commentary on which teams are under the FCC bracket.

Unregistered 23-08-2016 05:01 PM

Quote:

Originally Posted by Unregistered (Post 89623)
Hi All,

I been doing KYC over 3 years but not getting any progression and drawing only 3k pay.
Everyday OT gao gao work until 8PM saturday come back half day work until no life.

Hitting a Wall in a long hour lousy job with no progression sian to the max.

Anyone have any kind advice for me?

Thank you.

wah which bank is this? so no life! local, european, american, jeepun?

Unregistered 24-08-2016 11:04 PM

Hi guys, I am having problemm getting in a kyc/aml role job. Previously was from front office in financial services for around 2 years, keen to make a switchto middle office. Tried applying for contract jobs but still no avail.

Any suggestions?

Unregistered 25-08-2016 09:42 AM

Quote:

Originally Posted by Unregistered (Post 89820)
Hi guys, I am having problemm getting in a kyc/aml role job. Previously was from front office in financial services for around 2 years, keen to make a switchto middle office. Tried applying for contract jobs but still no avail.

Any suggestions?

Either your asking salary too high or you are not spamming agencies hard enough.

Unregistered 25-08-2016 02:40 PM

Quote:

Originally Posted by Unregistered (Post 89832)
Either your asking salary too high or you are not spamming agencies hard enough.

my asking is less then $3k, is it reasonable? i have tried all jobs portal like jobsdb, job street , jobs bank etc , but still not getting anything. what's the chance of moving from front office to middle office? seems like even for contract they require candidates to have experience which is i'm currently lacking.

Unregistered 25-08-2016 05:05 PM

Quote:

Originally Posted by Unregistered (Post 89842)
my asking is less then $3k, is it reasonable? i have tried all jobs portal like jobsdb, job street , jobs bank etc , but still not getting anything. what's the chance of moving from front office to middle office? seems like even for contract they require candidates to have experience which is i'm currently lacking.

too high liao.
even perm kyc staff might not even get 2.5k a month.
you lower until 2k try again bah.

kyc is the lowest paid job in compliance.


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